The bill amends Section 36-9-31 of the General Laws in Chapter 36-9, which is entitled "Retirement System - Membership and Service Credits." The amendment introduces new provisions for active members of the retirement system who have served in the United States armed forces or Merchant Marine. These members may purchase up to four years of credit for their service, provided they have received an honorable discharge. Additionally, the amendment allows members who are on an official leave of absence due to illness or injury to purchase military credits during their leave.

Furthermore, the bill includes a new provision for members of the retirement system who have served in the National Guard or reserves and qualify as veterans. They may now purchase creditable service at a ratio of five years of guard or reserve service to one year of creditable service, with a maximum of four years. The cost to purchase these credits is set at ten percent of the member's first year's earnings as a state employee, and there will be no interest charge if the purchase is made within the first five years of membership in the retirement system. However, regular interest will be charged if the purchase is made after five years of membership, except for members who were in the system prior to July 1, 1980, who will not be charged interest. The act will take effect upon passage.

Statutes affected:
2329: 36-9-31